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FINRA Barred Financial Advisor, Alberto Sanchez, For Failing To Cooperate In An Investigation Regarding Selling Away

Alberto Sanchez was a former Financial Advisor at Sagepoint Financial, Inc., MML Investors Services, LLC and Principal Securities, Inc. in Fort Lauderdale, FL  Alberto Sanchez entered the securities industry in 2002 and previously worked at Metlife Securities. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 3, 2019, Alberto Sanchez was sanctioned by FINRA, barring him from the securities industry.  According to the sanction, “without admitting or denying the findings, Sanchez consented to the sanction and to the entry of findings that he did not provide documents as requested by FINRA in connection with an investigation concerning his involvement in a potential undisclosed outside business activity.”

The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.

The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017056532001%20Alberto%20Sanchez%20CRD%204577983%20AWC%20va.pdf

In addition to the aforementioned regulatory sanction, Alberto Sanchez has been the subject of two customer complaints during his career.  The first complaint, made in 2009, alleged that certain features of a variable annuity were not accurately represented.  The second complaint, made in 2011, alleged certain aspects of a limited partnership investment were not accurately represented. 

For a copy of Alberto Sanchez’s CRD, click https://brokercheck.finra.org/individual/summary/4577983#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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